The survey found that for the most part, insurers have been able to withstand the challenges of the financial crisis better than many companies from other industries—financial services or otherwise.

ERM is influencing key business decisions at more companies than ever, the survey found. However, smaller insurers seem to be experiencing the most difficulty as companies with revenues of more than $10 billion are generally further ahead on most aspects of ERM implementation.

Solvency II, the European Union's financial standards, is a primary focus for European insurers and is expected to significantly change many aspects of Europe's insurance market. Potential changes include market consolidations, relative attractiveness of products and higher prices for consumers—highlighted by about 60 percent of participants, she said.

Participants cited management of individual risk exposures (69 percent), risk monitoring and reporting (65 percent), and risk limits and controls (64 percent) as the top ERM areas contributing to enhanced performance.

On a global basis, the survey found that nearly two-thirds of respondents said they are calculating economic capital using some type of model, up from 57 percent in 2008. In addition, most respondents (85 percent) of companies calculating economic capital are planning further development within the next year. This illustrates that companies clearly maintain the view that their work in this complex area is not finished, the survey found.

The more widespread influence of economic capital in Europe reflects Solvency II pressures. The greater prevalence in Bermuda reflects the number of global reinsurers domiciled there as well as the influence of Bermuda regulators who are seeking recognition from their European counterparts with regard to solvency, according to the survey.